FSB Issues Reporting Guidelines for Securities Financing Transactions
FSB issued detailed reporting guidelines for implementing the November 2015 FSB Global Securities Financing Data Standards. This document includes the main aspects of the FSB securities financing data collection (for example, scope, frequency, reporting deadlines), data template for national/regional authorities to report to the global aggregator, the codes for classification, and some Annexes aimed to help data reporting/processing and improve data quality. The reporting guidelines will be further updated as needed.
The document starts with an overview of the reporting guidelines where measures (as main information being collected) and characteristics (used in classification of measures) are briefly defined. Temporal aspects of the data are also described here. The next section describes the reporting guidelines in details, including dimensions that characterize the measures. Each dimension is briefly described and linked to data elements defined in the November 2015 Global Securities Financing Data Standards. The Standards provide a table for each data element with a code-list that should be used in reporting and set out the rules that should be met for successful validation of the reported data. The last section defines the procedures that are used in validation of the reported data. Annex 1 defines the reporting template. Annex 2 shows which set of tables should be reported by each national/regional authority and will be finalized once it is clarified which national/regional authority provides the data for each jurisdiction. Annex 3 illustrates the coverage of securities financing transactions (SFTs) that should be included in SFT reporting. Annex 4 illustrates how example of transactions from the November 2015 Global Securities Financing Data Standards should be reported while following these guidelines.
FSB, in November 2015, had published the Standards and Processes for Global Securities Financing Data Collection and Aggregation. The Standards and Processes build on policy recommendations to address financial stability risks in Securities Financing Transactions, which were published in August 2013. The November 2015 securities financing data standards would allow FSB to collect, from national/regional authorities, aggregated data on repos, securities lending, and margin lending, based on consistent definitions and minimal double-counting at the global level. To assess global trends and risks, FSB will further aggregate and analyze the total national/regional data submitted by the member jurisdictions. BIS will provide operational support for the collection and potential dissemination of aggregated securities financing data, serving as the global data aggregator.
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Keywords: International, Securities Financing Transactions, Data Standards, Reporting, FSB
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